Hisense Acquires Sharp's US TV Business

The Chinese company has purchased Sharp America.

Hisense has announced the acquisition of Sharp's North and South American TV business. The Chinese electronics manufacturer has paid $23.7 million for the transaction. 

As part of the deal, Hisense will receive all equity and assets of Sharp's TV factory in Mexico. Likewise, the company now has the rights to use the "Sharp" brand and all its channel resources in North and South America. This will allow Hisense to completely take over Sharp's US display business, including HD and Ultra HD TVs. With the Sharp brand, Hisense hopes to grow its market capacity and awareness, and expects its North and South American revenues to increase by $2 billion.

The sale comes in the wake of recent financial troubles for Sharp. More details will be announced during an upcoming Hisense press conference on August 4th.

Source: PR Newswire via Engadget